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18 March 2013
Consort Medical plc
Interim Management Statement
Consort Medical plc ("Consort" or "The Group") (LSE: CSRT), today issues its Interim Management Statement for the period from 1 November 2012 to date.
The Group is trading in line with its expectations and the Board remains confident of the outlook for the full year.
Bespak has continued to make good progress with its broad development portfolio, with a number of launches scheduled over the next twelve months.
· Project DEV750, a DPI (dry powder inhaler) device for a European Pharma, has launched. The Chiesi FOSTER® NEXThaler® dry powder inhaler offers new treatment options for patients suffering from asthma. This follows the regulatory approval granted in 14 European countries in Q4 2012 and completes the range of dosage forms of Chiesi's successful Foster® drug. The first launch market is Germany;
· Following the commercial contract award from Nicoventures (as announced 3 December 2012), good progress has been made in product industrialisation, in facilities planning, and in process preparation;
· The industrialisation for volume manufacture of the Atlas Genetics POC test cartridge (POC010) is progressing well. The opportunity for Consort to subscribe to the second tranche of Atlas Genetics' equity funding will be in April 2013. The Consort Board intends to take up its option in full, to invest a further £1.1 million equity into Atlas Genetics.
The King Systems disposal completed on 15 February, a few weeks earlier than originally anticipated. We are currently in the middle of the completion accounts process, which is expected to conclude in mid-April. Under the terms of the sale of the King Systems business, Consort has an earn-out based on the King Vision product development and sales. Against both of these criteria, the business performed in line with our expectations in the period up to the date of completion.
Following the completion of the disposal of King Systems, there has been a favourable change in the Group's consolidated financial position. The initial consideration of $125 million (£80.6 million) was received on 15 February 2013: this is subject to a post-completion adjustment for actual working capital and actual net indebtedness at completion. At 28 February 2013 the Group net cash balance was £39.0 million.
Richard Cotton - Finance Director
Tel: +44 1442 867920
Tel: +44 20 7404 5959
Consort Medical plc is an international medical devices company, focused on developing and manufacturing disposable medical devices for drug delivery. The principal business of the Company is the management of Bespak, a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory nasal, and injectables products, and the manufacture of devices for the point of care diagnostics market.
The Group has facilities in King's Lynn, Cambridge, Nelson and Hemel Hempstead in the UK. Consort Medical is a public company quoted on the full list of the London Stock Exchange (LSE: CSRT). The Group's website address is www.consortmedical.com.
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